BTC recently broke the triangle, as anticipated. What's next?
In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!
BTC/USDT
For Newbies
In our previous analysis, we had mentioned that the triangle was broken. This was followed by a strong selling pressure. The price has fallen to $27,000, and unfortunately, there aren't any signs of a reversal just yet. Therefore, it might not be the end of the selling yet!
So what's next?
The support we marked last week is still intact, thus the price can still head towards the next support (price floor) situated at $25,300
For Experts
After Bitcoin broke down from the triangle, it plunged to $27,000. The price has also perfectly retested the trendline. It seems like a clear breakdown in the price, therefore, traders must be cautious now. The RSI has no hidden divergences so a trend reversal does seem likely at the moment. A bounce could be seen from the support at $25,400.
Also Read: A Complete Guide to Death Cross and Golden Cross?
ETH/USDT
For Newbies
ETH was forming a triangle similar to that of BTC.
We had expected the price to break the triangle on the lower side this week, and it is exactly what we see in the chart above. If you want to know how we ascertained a breakdown would be seen, check our last week's analysis!
ETH is now trading very close to the support (price floor) at $1,790, which is why traders should be careful now.
For Experts
ETH has broken down just like BTC, and a continuation of the downtrend seems likely at the moment.
The support at $1,790 has been broken once this week, and the price seems very weak at the moment. It seems like the support will be taken out this week, and the price may soon decline further towards the next demand zone of $1,710. (not financial advice)
Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy
NEAR/USDT
For Newbies
NEAR is still trading under an important resistance (price ceiling) at $1,800. Until the price is able to climb back above $1,800, the bulls might not be able to make a strong return.
For Experts
The significant downward momentum in NEAR suggests that the price is likely to test the $1.45 support level soon. The supply zone at $1.8 seems to be too strong at the moment for the price to break out, thus any strong moves cannot be expected for now.
Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?
ADA/USDT
For Newbies
ADA was able to bounce from the support we marked last week at $0.34. However, it is trading right under a strong resistance, and it might slow down now. Clearing this resistance can help the price rise further toward $0.4! (not financial advice)
For Experts
ADA has registered a reversal from the demand zone at $0.34 and is trying to break the resistance at $0.38 now. If this resistance is taken out, it will once again be able to enter the zone that it was previously trading under. The next resistance can be seen at $0.4.
FTM/USDT
For Newbies
The price has slightly recovered after last week’s sharp fall. There is still a strong resistance above the price at $0.43, which is why it is important to wait for the resistance to be taken out for the rise to continue.
For Experts
FTM has been able to retrace back to $0.39, however, the supply zone at $0.42 is still intact. This supply zone may reject major bullish moves, thus it may be favorable to hold off until the supply zone is taken out (not financial advice). Once the supply zone is taken out, we can see a clear path to $0.51.
AVAX/USDT
For Newbies
AVAX is still trading close to the crucial price floor at $14. If this price floor is taken out, we could see the price plunge to $12! (do your own research)
For Experts
The demand zone at $14, which we had anticipated would slow the fall in price, has been effective in limiting the fall. The price has still yet to reverse, however, the rise in the RSI looks like a bullish divergence. We might see the price retest the resistance at $16 this week.
Also Read: What Is Crypto Options Trading?
Summary
A quick recap of all the coins:
- BTC could approach the support soon.
- ETH broke support.
- NEAR recovered after falling sharply last week.
- ADA is trying to break resistance.
- FTM is under a supply zone.
- AVAX could head for a retest.
Remember that this is all based on the subjective views of the writer and should not be construed as financial advice. As always, DYOR!
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